Earlier this month, a four-room flat at 218 Ang Mo Kio Avenue 1 was sold for $518,000 ($587 psf). The 883-sq ft flat is located on the seventh to ninth storey. The lease for the flat in Ang Mo Kio Grove commenced in 1976, leaving it with a remaining lease of approximately 50 years.
We used our analytics tool, Is it a Good Deal?, to assess the transaction and determine whether the buyer of this 49-year-old flat in District 20 secured a bargain.
Many nearby amenities but remaining lease of 50 years
The four-room flat at 218 Ang Mo Kio Avenue 1 is within walking distance of Kebun Baru Market and Food Centre, Kebun Baru Mall, Eunoia Junior College, and Bishan-Ang Mo Kio Park. While there are no primary schools within a 500m radius, there are eight primary schools within a 2km radius, including Ai Tong School, Catholic High School (Primary), and CHIJ St. Nicholas Girls’ School (Primary).
A drawback of the flat is the lack of a MRT station within walking distance. However, this will be mitigated by the upcoming Teck Ghee MRT Station on the Cross Island Line, which is expected to be completed in 2030. The upcoming station will be less than 200m from the subject flat (see Map 1). Currently, Mayflower MRT Station on the Thomson-East Coast Line is the nearest active station but it is almost 1km away.
Source: EdgeProp LandLens (as at 28 March 2025)
Despite being close to many reputable primary schools, young couples with school-going children may hesitate to purchase the flat due to its remaining lease of approximately 50 years. The lease for the four-room flat began in 1976, making it 49 years old (see Screenshot 1).
Source: EdgeProp Is it a Good Deal (as at 28 March 2025)
On the plus side, our tool highlighted that the transacted price of the flat is lower than the average prices for the district and several nearby projects (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 28 March 2025)
This month’s lowest price for four-room flats in Ang Mo Kio
So far this month, 20 four-room flats in Ang Mo Kio have changed hands at prices ranging from $518,000 to $1.079 million. The lowest price of $518,000 was for the flat at 218 Ang Mo Kio Avenue 1.
Of these 20 transactions, seven involved flats along Ang Mo Kio Avenue 1. All seven flats are within walking distance of each other (see Map 2). Five of these flats fetched $630,000 or less due to their remaining leases of approximately 50 or 51 years.
Source: EdgeProp LandLens (as at 28 March 2025)
The remaining two flats are located at 310B Ang Mo Kio Avenue 1 and were sold for $888,000 ($948 psf) and $900,000 ($890 psf) (see Table 1). Both flats commanded significantly higher prices than the flat at 218 Ang Mo Kio Avenue 1 due to their longer remaining leases of approximately 86 years.
Source: EdgeProp Buddy (as at 28 March 2025)
Six million-dollar transactions for four-room flats in Ang Mo Kio this year
Thus far this year, 78 four-room flats in Ang Mo Kio have been sold at prices ranging from $472,000 to $1.129 million. Hence, the transacted price of $518,000 for the flat at 218 Ang Mo Kio Avenue 1 is on the lower end of the price spectrum for four-room flats in the HDB town.
Among the 78 transactions, only six were million-dollar transactions (see Table 2). Notably, all six flats have remaining leases of at least 86 years.
Source: EdgeProp Buddy (as at 28 March 2025)
Notably, four of these flats are part of Cheng San Court in Ang Mo Kio Street 51. Cheng San Court is a short walk from Ang Mo Kio MRT Station, which is slated to become an interchange station for the North-South and Cross Island Lines (see Map 3). Other nearby amenities include Cheng San Market and Cooked Food Centre, Chong Boon Market and Food Centre, Jing Shan Primary School, Anderson Secondary School, and Ang Mo Kio Town Garden East.
Source: EdgeProp LandLens (as at 28 March 2025)
Notably, one of the million-dollar flats is located at 310C Ang Mo Kio Avenue 1, which is the same street as the subject flat. Both flats are just a stone’s throw from each other (see Map 4).
Source: EdgeProp LandLens (as at 28 March 2025)
The flat at 310C Ang Mo Kio Avenue 1 was sold for $1.038 million ($1,005 psf) in February. The significantly higher price for this four-room flat could be due to its longer remaining lease of approximately 86 years, compared to just 50 years for the flat at 218 Ang Mo Kio Avenue 1.
Another reason could be the difference in size. The subject flat measures only 883 sq ft, while the newer flat is larger at 1,033 sq ft. Additionally, the flat at 310C Ang Mo Kio Avenue 1 is located on the 28th to 30th storey, whereas the subject flat is on the seventh to ninth storey.
Weaker price growth for four-room flats
Since last year, the average resale price for four-room flats ($673 psf) in Ang Mo Kio has been surpassed by that of their five-room counterparts ($731 psf) (see Chart 1). This could be due to the stronger price growth of 18.5% for five-room flats since 2023, compared to a growth of 4.5% for four-room flats during the same period.
Meanwhile, the average resale price for three-room flats ($589 psf) in the same town has consistently trended below that of their larger counterparts. Since 2023, three-room flats have seen a price growth of 11.6%.
Source: EdgeProp Market Trends (as at 28 March 2025)
The average resale price for four-room flats aged 41 to 50 years in Ang Mo Kio ($610 psf) is slightly higher than that of similar flats in the North-East Region ($601 psf) and islandwide ($595 psf) (see Chart 2). This is despite such flats in Ang Mo Kio having a lower price growth (54.4%) since 2020 compared to their counterparts in the North-East Region (55.3%). Similar four-room flats islandwide saw a price growth of 48.4% during the same period.
Source: EdgeProp Market Trends (as at 28 March 2025)
Notably, the subject flat at 218 Ang Mo Kio Avenue 1 transacted at $587 psf, lower than the average resale price of $610 psf for four-room flats of similar age in the same HDB town. The transacted price for the subject flat is also lower than the average resale prices for flats of similar age in the same region and islandwide.
Only two condos within a 1km radius
There are only two condos within a 1km radius of 218 Ang Mo Kio Avenue 1 (see Map 5). Both Centro Residences and Clover by the Park have land leases that started in 2007, meaning that both 99-year leasehold condos have remaining land leases of 81 years. However, Clover by the Park is older, having obtained its temporary occupation permit (TOP) in 2011, compared to Centro Residences, which obtained its TOP in 2014.
Source: EdgeProp LandLens (as at 28 March 2025)
Centro Residences is a 329-unit development along Ang Mo Kio Avenue 8, while Clover by the Park is a 616-unit development along Bishan Street 25. While both condos are located in District 20, Centro Residences is located within the Ang Mo Kio Planning Area, similar to the subject HDB flat. However, Clover by the Park is in the Bishan Planning Area.
The average resale price for Centro Residences ($2,001 psf) has consistently trended above that of Clover by the Park ($1,875 psf) and 99-year leasehold condos in District 20 ($1,953 psf) (see Chart 3). However, the weakest price growth since 2020 has been observed for Centro Residences (39.4%), while Clover by the Park recorded the strongest price growth of 52.1%. A price growth of 50.3% was recorded for leasehold condos in District 20.
Source: EdgeProp Market Trends (as at 28 March 2025)
Notably, the average resale prices for both neighbouring condos are above $1,000 psf, while the transacted price for the subject flat and the average resale price for four-room flats in Ang Mo Kio remain well below that threshold.
Conclusion
Six four-room flats in Ang Mo Kio have fetched at least $1 million this year. Of these six flats, one is located along the same street as the subject flat at 218 Ang Mo Kio Avenue 1. However, the subject flat is significantly older and smaller than the million-dollar flat at 310C Ang Mo Kio Avenue 1.
Considering the million-dollar price tags for the six four-room flats in Ang Mo Kio, the $518,000 paid for the subject flat is definitely on the lower end of the price spectrum for similar flats. However, the lower price could be attributed to the fact that the subject flat is not within walking distance of any operational MRT stations. Residents will have to wait until 2030 for the completion of the upcoming Teck Ghee MRT Station.
Furthermore, the subject flat has a remaining lease of 50 years, compared to the million-dollar flat which has a remaining lease of 86 years. The shorter remaining lease of the subject flat might deter some young buyers but this could be less of a hindrance for older buyers.
To learn more about this transaction, and whether it is a good deal, click here.
